Sterling Capital Management LLC raised its holdings in shares of Occidental Petroleum Corporation (NYSE:OXY) by 13,330.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 909,357 shares of the oil and gas producer’s stock after purchasing an additional 902,586 shares during the period. Sterling Capital Management LLC owned 0.12% of Occidental Petroleum Corporation worth $54,443,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. BlackRock Inc. increased its position in shares of Occidental Petroleum Corporation by 3,198.5% in the 1st quarter. BlackRock Inc. now owns 58,991,369 shares of the oil and gas producer’s stock valued at $3,737,692,000 after acquiring an additional 57,202,942 shares during the period. Capital Research Global Investors acquired a new position in shares of Occidental Petroleum Corporation in the 2nd quarter valued at $179,610,000. Morgan Stanley increased its position in shares of Occidental Petroleum Corporation by 22.1% in the 1st quarter. Morgan Stanley now owns 9,249,261 shares of the oil and gas producer’s stock valued at $586,034,000 after acquiring an additional 1,672,384 shares during the period. Principal Financial Group Inc. increased its position in shares of Occidental Petroleum Corporation by 119.6% in the 2nd quarter. Principal Financial Group Inc. now owns 2,372,784 shares of the oil and gas producer’s stock valued at $142,058,000 after acquiring an additional 1,292,162 shares during the period. Finally, Federated Investors Inc. PA increased its position in shares of Occidental Petroleum Corporation by 18.0% in the 2nd quarter. Federated Investors Inc. PA now owns 7,569,462 shares of the oil and gas producer’s stock valued at $453,184,000 after acquiring an additional 1,152,152 shares during the period. 80.59% of the stock is currently owned by institutional investors and hedge funds.
Several research firms recently issued reports on OXY. Barclays PLC upped their target price on Occidental Petroleum Corporation from $38.00 to $40.00 and gave the company an “underweight” rating in a research report on Wednesday. BidaskClub raised Occidental Petroleum Corporation from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st. Zacks Investment Research downgraded Occidental Petroleum Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, July 4th. Jefferies Group LLC reissued a “hold” rating and issued a $64.00 target price on shares of Occidental Petroleum Corporation in a research report on Friday, June 23rd. Finally, BMO Capital Markets reissued a “hold” rating and issued a $65.00 target price on shares of Occidental Petroleum Corporation in a research report on Thursday, June 22nd. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the company’s stock. Occidental Petroleum Corporation presently has an average rating of “Hold” and a consensus target price of $66.00.
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In other news, Director William R. Klesse purchased 10,000 shares of the company’s stock in a transaction dated Wednesday, August 9th. The shares were acquired at an average cost of $61.58 per share, for a total transaction of $615,800.00. Following the completion of the purchase, the director now directly owns 70,692 shares in the company, valued at approximately $4,353,213.36. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.32% of the company’s stock.
Occidental Petroleum Corporation (OXY) traded down 0.48% during midday trading on Thursday, reaching $64.08. 1,180,394 shares of the company’s stock traded hands. Occidental Petroleum Corporation has a 1-year low of $57.20 and a 1-year high of $75.60. The company has a market capitalization of $48.99 billion, a PE ratio of 451.27 and a beta of 0.67. The firm’s 50 day moving average price is $62.11 and its 200-day moving average price is $61.33.
Occidental Petroleum Corporation (NYSE:OXY) last issued its quarterly earnings results on Wednesday, August 2nd. The oil and gas producer reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.03. Occidental Petroleum Corporation had a net margin of 0.91% and a return on equity of 0.13%. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3 billion. During the same period in the previous year, the business posted ($0.18) earnings per share. The business’s revenue was up 40.9% compared to the same quarter last year. Equities analysts expect that Occidental Petroleum Corporation will post $0.65 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Monday, December 11th will be paid a dividend of $0.77 per share. The ex-dividend date of this dividend is Friday, December 8th. This represents a $3.08 dividend on an annualized basis and a dividend yield of 4.78%. Occidental Petroleum Corporation’s dividend payout ratio (DPR) is 2,369.23%.
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About Occidental Petroleum Corporation
Occidental Petroleum Corporation (Occidental) is an oil and gas exploration and production company. The Company operates through three segments: oil and gas, chemical (OxyChem), and midstream and marketing. The oil and gas segment explores for, develops and produces oil and condensate, natural gas liquids (NGLs) and natural gas.
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